The property arm of German insurer Allianz has acquired a multi-tenant, prime office complex in Milan's Tortona district for €83 mln from BNP Paribas.
The Tortona 33 asset is composed of two adjacent buildings covering over 19,275 m2, dubbed Ares Tower and Athena Tower. Allianz Real Estate said it acquired the property on behalf of several Allianz insurance companies.
'The Tortona 33 acquisition perfectly fits our appetite for investments in prime office assets in Milan which offer a great risk/ return profile through active asset management,' said Donato Saponara, head of Italy and head of transactions for Western Europe, Allianz Real Estate.
Allianz said that the investment would provide a secure income from the Ares tower, which enjoys LEED platinum certification, and the possibility to unlock further value from the Athena tower through a planned redevelopment project.
'We continue to pursue our Italian investment strategy based on selective acquisitions in office, logistics, retail and alternatives sectors, directly or with partners, focusing on high-quality assets in resilient locations which can offer long-term value to our investors,' Saponara added.
The Tortona district, which is historically linked to the design and fashion sectors, is in growth mode at the moment due to a new metro line opening in 2022 and the ongoing Porta Genova urban regeneration project.
Recent other deals in Italy for Allianz Real Estate include the acquisition of a logistics hub in Northern Italy in November last year and the new ENI Headquarter in Milan.